Coral Synergy has taken a major step toward advancing Nigeria’s gas monetisation agenda with the signing of a Memorandum of Understanding (MoU) with leading technology partners for the development of a Floating Liquefied Natural Gas (FLNG) project on OML 29.
The agreement marks a strategic milestone in Coral Synergy’s vision to unlock stranded gas resources, deepen local participation, and deliver innovative energy solutions aligned with Nigeria’s Decade of Gas initiative.
A Strategic Move for Gas Monetisation
OML 29 holds significant gas potential, much of which remains underutilised due to infrastructure constraints and evacuation challenges. By adopting an FLNG solution, Coral Synergy aims to overcome these limitations, enabling gas to be processed and liquefied offshore or near-field without the need for extensive onshore pipelines.
The newly signed MoU brings together Coral Synergy and its technology partners to collaboratively design, deploy, and operate a scalable FLNG facility capable of efficiently monetising gas from OML 29 while minimising environmental footprint and development timelines.
Leveraging Proven Technology and Local Expertise
Under the MoU, the technology partners will provide technical design, modular FLNG solutions, process engineering, and operational support, while Coral Synergy will leverage its local asset knowledge, regulatory expertise, and stakeholder relationships.
This partnership structure ensures:
- Faster project execution through modular and proven FLNG technologies
- Reduced capital expenditure compared to traditional LNG developments
- Enhanced safety, reliability, and environmental performance
- Strong alignment with Nigerian content and capacity-building objectives
By combining global technology with indigenous leadership, the project reflects a growing shift toward locally driven, globally competitive gas developments in Nigeria.
Advancing Nigeria’s Decade of Gas Objectives
The OML 29 FLNG project directly supports national priorities to:
- Increase domestic and export gas supply
- Reduce gas flaring through commercial utilisation
- Attract private sector investment into gas infrastructure
- Position Nigeria as a regional gas and LNG hub
FLNG developments are particularly critical in accelerating gas projects, as they offer flexibility, quicker deployment, and lower surface disruption — making them ideal for Nigeria’s complex terrain and offshore environments.
Economic and Community Impact
Beyond energy production, the project is expected to deliver significant economic and social benefits, including:
- Job creation across engineering, construction, and operations
- Opportunities for Nigerian service companies and contractors
- Technology transfer and skills development
- Increased government revenues and host community engagement
Coral Synergy has reiterated its commitment to working closely with regulators, host communities, and industry stakeholders to ensure the project delivers long-term shared value.
A Step Toward the Future of Nigerian Gas
The signing of this MoU signals Coral Synergy’s readiness to play a leading role in Nigeria’s evolving gas landscape. As global demand for cleaner energy continues to rise, projects like the OML 29 FLNG represent practical, forward-looking solutions that bridge energy security, sustainability, and economic growth.
With this partnership in place, Coral Synergy is well-positioned to transform OML 29 into a commercially viable, technologically advanced gas hub — reinforcing Nigeria’s ambition to fully harness its vast gas resources in the years ahead.